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First Solar, Inc.

FSLR Technology Solar

First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024.

Revenue
−22.8%
EPS
+25.0%
Free cash flow
−118.5%
Total debt
−80.6%

Quarter to September 2026, against a year earlier

201.67 5.91 +3.02%
Market cap
$21.0B
P/E
11.4×
Fwd P/E
10.1×
Dividend yield
—
F-score
7/9
Altman Z
6.28
Beneish M
−2.54
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

First Solar, Inc. (FSLR) Debt to equity

Alert me on Debt to equity

First Solar, Inc.'s debt to equity at the end of the quarter to 30 September 2026 was 0.0×, down 0.0× from fiscal 2025 (0.1×). Over the past ten years it has ranged from 0.0× (fiscal 2022) to 0.1× (fiscal 2019); the current reading is higher than 55% of that period. That is in line with the Solar industry median of 0.0× and below the Technology sector median of 0.1×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 0.1× (31.54%)
FY2024 0.1× (8.83%)
FY2023 0.1× 153.17%
FY2022 0.0× (17.87%)
FY2021 0.0× (20.36%)
FY2020 0.1× (45.30%)
FY2019 0.1× 3.24%
FY2018 0.1× 16.06%
FY2017 0.1× 113.85%
FY2016 0.0× (30.84%)

Quarterly newest first

Period Debt to equity Change
Sep 2026 0.0× 175.00%
Jun 2026 0.0× (91.65%)
Mar 2026 0.0× (17.59%)
Dec 2025 0.1× (15.10%)
43 more quarters

Against its own ten years

Low 0.0× High 0.1×
Ten-year median 0.1×
Current reading's percentile 55

Debt to equity against peers

Company Debt to equity
ARRY Array Technologies, Inc. compare −3.3×
DQ DAQO New Energy Corp. compare 0.0×
RUN Sunrun Inc. compare 0.0×
NXT Nextpower Inc. compare 0.0×
FSLR First Solar, Inc. 0.0×
SHLS Shoals Technologies Group, Inc. compare 0.3×
ENPH Enphase Energy, Inc. compare 0.5×
SEDG SolarEdge Technologies, Inc. compare 0.8×
JKS Jinko Holdings Limited - Unsponsored ADR compare 1.1×
Solar industry median 0.0×
Technology sector median 0.1×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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